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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
+16.7%
₹1,194.58
vs ₹1,024.00 price
Levered DCF
-₹61.87
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.83
Grey zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E47.84×-145.85×21.72×8.32×5.57×19.79×8.92×22.2×
P/B0.35×0.45×0.77×0.54×0.67×0.59×0.31×0.49×
P/S0.42×0.64×1.03×0.64×0.64×0.65×0.2×0.45×
EV / EBITDA8.86×14.78×9.17×5.21×3.84×6×4.94×8.36×
Gross margin22.7%37.6%37.8%13.6%43.3%41.2%36.3%36.2%
Operating margin1.9%25.5%5.3%7.8%15.0%8.3%3.4%2.8%
Net margin0.9%-0.4%4.7%7.7%11.5%3.3%2.3%2.0%
Current ratio1.6×1.51×1.41×1.45×1.5×1.37×1.14×1.1×
Debt / equity0.23×0.15×0.14×0.18×0.19×0.26×0.46×0.32×
Interest coverage0.91×12.04×2.87×6.44×10.19×2.72×1.04×1.05×
Dividend yield0.5%0.8%0.5%1.3%0.3%0.5%1.6%0.6%
Payout ratio22.1%-121.0%10.8%10.7%1.6%8.9%14.2%12.9%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity0.7%-0.3%3.6%6.5%12.0%3.0%3.4%2.2%
Return on invested capital0.6%14.8%2.6%4.5%9.3%3.3%3.4%2.3%
Return on assets0.5%-0.2%2.8%5.0%8.8%2.1%2.1%1.5%
Free cash flow yield-7.4%3.3%-1.9%6.6%5.0%10.2%8.0%0.9%
Earnings yield2.1%-0.7%4.6%12.0%18.0%5.1%11.2%4.5%
Enterprise value₹2.8B₹3.4B₹5.1B₹3B₹3.4B₹2.5B₹1.4B₹2.2B
Net debt / EBITDA3.46×3.7×1.39×1.11×0.82×1.82×2.97×3.28×
Cash conversion cycle (days)143139138106166204161153